Norilsk buying back 11% of shares from big holders

WilliamMauldin

MOSCOW -(MarketWatch)- Russian mining giant OAO Norilsk Nickel said Wednesday it will buy back about 11% of shares tendered by shareholders seeking to sell significant stakes, as part of its $4.5 billion share buyback.

Norilsk will buy back 10.95% of shares tendered by investors who are seeking to dispose of more than 100 shares, and all the shares for those who applied to sell 100 shares or fewer, it said in a press release. The buyback price is $306 a share, or $30.60 per American depositary share.

If all shares are properly tendered this month, Norilsk will buy back a total 14.71 million shares, or 7.71% of shares outstanding, it said.

The buyback, linked to a dispute between billionaire Norilsk shareholders, has faced criticism, with many individual investors required to wait in lines outside to hand in paperwork.

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